Cosalt £3.4m in red as work dries up

Friday 3 July 2009 08:12 BST

Offshore oil and gas contractor Cosalt plunged to a half-year loss of £3.4 million as it today admitted lower oil prices and the recession have led to work being put off.

The company, which provides safety and protection services, announced it would be launching a fund-raising. Shares in the group plummeted by more than 20% on the news. Chairman David Hobdey said: "It has been a challenging first six months."